Author
Topic: E & O Ins (Read 6606 times)

I am also wondering about obtaining insurance coverage as I'd like to take on more clients. I currently have only one. I live in Massachusetts any suggestions. I have no idea about any of this coverage so any help would be welcome and appreciated. Thank you.

I found them AFTER I got my policy, I get mine through same company as I have my homeowners, and business insurance so I get a discount. I have total of 3 Mil coverage. It's standard Quai/Tam liability very similar to what a lawyer would have. I started out with just 1 Mil in coverage and as I grew, and liability increased, naturally the coverage increased. It's expensive but I do get to claim it on taxes so I get a break in that regards.

I got this info through an agent....The agents I am speaking with are having a hard time coming up with quotes for this industry for some reason....So far I have been quoted between $3500-$5000 per year...I am just starting out and cannot swing that... I did go to Naplia and was quoted insurance that did not include defense?!?!?! so I decided to stick with local people for better communication purposes....

I got this info through an agent....The agents I am speaking with are having a hard time coming up with quotes for this industry for some reason....So far I have been quoted between $3500-$5000 per year...I am just starting out and cannot swing that... I did go to Naplia and was quoted insurance that did not include defense?!?!?! so I decided to stick with local people for better communication purposes....

They are not the carrier, more a broker and usually give you a few quotes, as for the defense, some include them but exclude punitive damages. Here's a good article that explains the types. http://www.insurancejournal.com/magazines/features/2004/07/19/44745.htm. Make sure that if you find a company that meets your needs you have everything ready to go. They are in business of insurance so for our industry they will want a copy of a compliance plan, policies and procedures and any/all contracts you have. When I was in NJ where I initially applied for my first E/O Policy, they denied me because my contract wasn't adequate and although I submitted a compliance plan, they wanted policies and procedures.